Insight
Surge in oil hedging exacerbates US supply glut
Report summary
Producers rushed to lock in oil prices higher than US$50/bbl after OPEC's November announcement. Our peer group of the 33 largest oil companies with active hedging programmes added more volume of oil hedges during Q4 than in any of the previous four quarters. Those producers – most of which are highly exposed to US tight oil – are partially insulated from recent price weakness. Derivative gains will help fund part of the budget gaps that would result from sub-US$50/bbl oil prices.
Table of contents
- Surge in oil hedging exacerbates US supply glut
Tables and charts
No table or charts specified
What's included
This report contains:
Other reports you may be interested in
Insight
Iron ore energy transition outlook 2024
Shifting sands: iron ore’s path in the net zero era
$1,050
Commodity Market Report
Global bulk steel alloys short-term outlook April 2024
Wood Mackenzie's latest short-term view on chromium, manganese and silicon markets.
$5,000
Commodity Market Report
Oil products price forecast update May 2024
Short-term oil products prices and margins forecast.
$1,900